It hasn’t been happy times in the City. Credit crunch, recession, stagflation, Lehman going under — every day seems to open a new gate to financial hell. So it’s no wonder that real estate is so readily available in the Square Mile. There is now 7.8 million square feet of office space left unused in the City at the moment. That’s up 50% from 5.4m sq ft last year. And office space is down from £65 per sq ft to £57.50. And to throw one more figure at you, real estate investment in the City is down 58% from last year. The bottom line? With things looking less than sunshiny in the financial sector, companies are opting not to splash out on fancy new digs. Shame: as Baron Rothschild once same, ‘The time to buy is when there’s blood on the streets.’ Or in this case, just cheap office space for sale.
Image courtesy of wallyg via the Londonist Flickrpool.